The educational saving in SSPM, BSN is a tax relief up to maximun RM3000 as a deduxtion again our personal income. The money is the saving for the children for the education fund in the future for their study in the local university or college.
As a tax planning purpose, a person can open up an account of SSPM in the Bank Simpanan National for their children in the end of a year (December). Then the person can withdraw out the money again in the next year January for the other purpose (eg. Investment in property/shares). So until again the year end, the person need to again deposit a sum of RM6000 in the second year to claim full amount of relief by RM3000.
The deposit and withdrawal is as follow:
1st year December deposit RM3000
2nd year January withdrawal RM3000
2nd year December deposit RM6000
3rd year January withdrawal RM6000
3rd year December deposit RM9000
........as like above
So, this can allow a person to maximize the relief of RM3000 can claim every year as well as help to maintain the cash flow of a person.
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